Intelligent Pumps Market Size and Growth Rate:
According to our research report, the Global Intelligent Pumps Market Size was capitalized at USD XX Million in 2018. The Intelligent Pumps Market is expected to exceed USD XX million by 2023 and grow at a compound annual rate of XX% from 2018 to 2023.
Industry averages suggest a loss of around 5% of production each year due to unplanned downtime. More than any other cause, equipment failures are the most common culprit, often exceeding 40% of the unplanned outages. As a result, the pumps market is witnessing the increasing adoption of the smart solution to improve efficiency, reduce the frequency of equipment failure, and reduce downtime, resulting in cost saving. The global intelligent pumps market has been volatile in the past few years, mainly due to the decline in crude oil price. However, the market has started to witness recovery with increasing capital expenditure in the oil & gas industry and increasing oil & gas pipeline network with increasing demand.
Intelligent Pumps Market Growth Drivers and Restraints:
Industrial Internet of Things (IIoT) – enabled pumps and solutions has helped the oil & gas sector to reduce the maintenance frequency and hence downtime. Cases had been witnessed where maintenance-related downtime has been reduced by around 80% for the pump jack system. Such results in the past have been driving the adoption of intelligent pump systems or integrating the existing system with intelligent solutions. The increasing demand for IT solutions in the Gulf of Mexico, the North Sea and the US shale fields to enhance the productivity and decision making have been driving the market in the respective region. Saudi Aramco, one of the biggest oil & gas player in Saudi Arabia, has entered into agreements with several companies for digitization of its operations, in the country. It has signed an MOU with Honeywell. The companies will work together to increase yield, throughput, and improve the reliability of Saudi Aramco’s operations by deploying Honeywell’s predictive analytics solutions and cloud-based services.
Intelligent Pumps Market Regional Analysis:
The United States is one of the leading countries when it comes to the adoption of intelligent solutions in any system. The country is home to several top vendors offering digitization, IIoT, and data analytics, paving the way for smart pumps. The robust drilling and production activity in the upstream sector with increasing crude oil price has resulted in high growth in the demand for pumps in the domestic market. The crude oil production has increased by 5.6% in 2017 and had been growing at a CAGR of 6.1% between “2006-2016”. This high growth is mainly due to hydraulic fracturing, which requires pumping frac fluids at a very high pressure to fracture the formation. The chemical industry is also witnessing a transition from the conventional method of operation to smart operation through intelligent solution such as intelligent pumps. The US chemical industry accounts for almost 15% of the global chemical shipment. The chemical producers in the country are increasingly deploying the smart solutions either adding new whole system or through retrofitting.
Notable Companies Operating in the Global Intelligent Pumps Market:
- Flowserve Corp
- Grundfos A/S
- Sulzer AG
- QuantumFlo, Inc.
- Xylem, Inc.
- CIRCOR International, Inc.
- Rockwell Automation
- Emerson Electric Co.
- Kirloskar Brothers Ltd.
- Yaskawa Electric Corp
This research report includes following segmentation for the Intelligent Pumps Market Size and forecast until 2023
Intelligent Pumps Market - By Pump Type
- Positive Displacement
Intelligent Pumps Market - By End User
- Oil & Gas
- Power Generation
Intelligent Pumps Market – By Geographical Segmentation
- South Korea
- ASEAN Countries
- Rest of Asia-Pacific
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Latin America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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- Region that is expected to witness fastest growth during the forecast period
- Identifying the latest developments, market shares and strategies employed by the major market players
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